This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Myriad Genetics Reports Third Quarter Fiscal Year 2013 Results

Stock quotes in this article: MYGN

SALT LAKE CITY, May 7, 2013 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) today announced results for its third fiscal quarter and nine months ended March 31, 2013. Revenue for the third fiscal quarter increased 21 percent over the same period in the prior year to $156.5 million. Third fiscal quarter earnings per diluted share were $0.46, an increase of 34 percent over the same period of the prior year.

"I am pleased with not only the solid revenue growth across all of our business segments during the third quarter but also the Company's ability to drive financial leverage as we continue to invest in our extensive product pipeline," said Peter D. Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "We are very optimistic regarding the future outlook as we seek to expand our core markets, diversify our business through new product introductions, and expand internationally."

Third Fiscal Quarter 2013 Results

  • Molecular diagnostic testing revenue in the third fiscal quarter equaled $148.4 million, an increase of 20 percent compared to the prior year period. Revenue from the Oncology segment equaled $95.8 million, an increase of 13 percent over the third fiscal quarter of 2012. Women's Health revenue totaled $52.6 million, an increase of 35 percent over the same period in the prior year.  
  • Revenue from the BRAC Analysis ® test, which represented 74 percent of total revenue in the third quarter, was $115.4 million, a 9 percent increase over the same period of the prior year. 
  • Revenue from the COLARIS ® and COLARIS AP ® tests were $13.3 million, an increase of 19 percent compared to the third fiscal quarter of the prior year, and representing 9 percent of total revenue in the third quarter. 
  • Revenue from the BART™ test, was $16.9 million, a 392% increase over the same period of the prior year and representing 11 percent of total revenue in the third quarter.
  • Revenue from Myriad's other molecular diagnostic tests were $2.8 million which represented approximately 2 percent of total revenue in the third fiscal quarter.
  • Companion diagnostic service revenue in the third fiscal quarter equaled $8.1 million, a 25 percent increase over the same period in the prior fiscal year. Companion diagnostic revenue represented 5 percent of total revenue and continued to benefit in the third fiscal quarter from the diabetes collaboration with Sanofi.
  • Operating income was $57.9 million, an increase of 26 percent from the prior year period. Operating margin was 37 percent of revenues compared to 35.5 percent in the third quarter of the prior year. The improvement in operating income was primarily due to the operating leverage from both cost of revenue and general and administrative expenses and was achieved with the meaningful investments the Company continues to make in sales and marketing expansion and the build out of the Company's international infrastructure.
  • Net income for the third fiscal quarter was $37.9 million, an increase of 28 percent over the $29.6 million reported in same period of the prior year.  
  • During the quarter the Company repurchased 1.7 million shares or $44.8 million of its common stock under its previously announced stock repurchase program. Third fiscal quarter diluted weighted average shares outstanding were 82.4 million as compared to 86.5 million in the same period of the prior year. 
  • The Company ended the quarter with $462.3 million in cash, cash equivalents and marketable investment securities as compared to $466.7 million at March 31, 2012.

Year-to-Date Performance

  • Total revenue for the first nine months of fiscal 2013 was $439.1 million, an increase of 21 percent over the $363.0 million reported for the first nine months of fiscal 2012.
  • Operating income for the first nine months of fiscal 2013 was $162.1 million, an increase of 22 percent over the $133.0 million reported for the same period of the prior year.
  • Net income for the first nine months of fiscal 2013 equaled $103.1 million, an increase of 24 percent over the $83.0 million in the first nine months of the prior year.
  • In the first nine months of fiscal 2013, diluted earnings per share increased 29 percent to $1.23 compared to $0.96 for the same period in the prior year.
  • During the first nine months of the 2013 fiscal year, the Company repurchased 4.8 million shares of common stock for $124.7 million.

Business Highlights during the Third Quarter of Fiscal 2013

  • Myriad received a worldwide exclusive license to the MITF gene from the Institute Gustave Roussy in Paris for use in predicting hereditary risk for melanoma and renal cell carcinoma. In a study published in the December 2011 issue of Nature, individuals identified with a mutation of the MITF gene had a 14-fold increase in lifetime risk for melanoma and renal cell carcinoma. The MITF gene was acquired for future inclusion in the Company's hereditary cancer panel test.
  • BRAC Analysis was classified as a preventive service under the Affordable Care Act ensuring that going forward, asymptomatic women with a qualifying family history can be tested with no patient out-of-pocket cost for all non-grandfathered, private, insurance plans. Already over half of all private insurance plans in the United States have lost their grandfathered status.
  • The fourth clinical validation study for PROLARIS™ was published in the Journal of Clinical Oncology. The study found that PROLARIS correctly stratified 413 men who had undergone radical prostatectomy with 100% of patients with a low risk PROLARIS score having no recurrence of their prostate cancer compared to 50% in the high risk cohort seeing their prostate cancer aggressively return.
  • The Company announced a commercial partnership with its new homologous recombination deficiency test in patients being treated with PharmaMar's PM1183 drug candidate.

Fiscal Year 2013 Outlook

The Company is raising its revenue expectations for fiscal year 2013 financial performance. Total revenue is now expected to be in a range of $595 million to $600 million, an increase to the previous guidance range of $575 million to $585 million. This represents 20 percent to 21 percent growth over our prior fiscal year. The Company is also increasing its guidance for fiscal year 2013 diluted earnings per share to $1.65 to $1.67, up from the previous guidance of $1.55 to $1.58 per share. The new range represents 27 percent to 28 percent growth over fiscal year 2012 diluted EPS. These projections are forward looking statements and are subject to the risks summarized in the safe harbor statement at the end of this press release. The Company will provide further detail on its business outlook during the conference call it is holding today to discuss its fiscal 2013 third quarter financial results.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,915.45 -127.45 -0.75%
S&P 500 1,958.82 -13.47 -0.68%
NASDAQ 4,447.4470 -45.9430 -1.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs